If the market rallies BITCOIN will fly! ✈️
BTC/USDT is still looking solid here holding the 200 MA, much in the same way it has been for 2 weeks. It is highly correlated with the equities markets now and is in the same boat waiting on J. Powell's speech on Dec 15 about Fed policy. The good news besides maintaining the 200 MA is the bullish divergence between the price, RSI, and MACD. Also, we see the same consolidation forming at the bottom band of the Keltner Channel (in blue).
This is very similar to what we saw in September, which was also right around the time of the September Fed meeting (not a coincidence). We saw the same exact bullish divergence as well between the price, MACD, and RSI.
However, if the market does fail and BTC convincingly closes below the 200 MA, $40K is the next psychological and historical support and that would be my next buy.
Stay the course my friends, DCA, buy heavier on the dips (if you're long term).
This is very similar to what we saw in September, which was also right around the time of the September Fed meeting (not a coincidence). We saw the same exact bullish divergence as well between the price, MACD, and RSI.
However, if the market does fail and BTC convincingly closes below the 200 MA, $40K is the next psychological and historical support and that would be my next buy.
Stay the course my friends, DCA, buy heavier on the dips (if you're long term).